What's the lifetime value of a typical art customer?

Some successful artists have tracked statistics showing that an average customer will buy seven pieces over their lifetime. These purchases can vary—all prints, originals, or combinations in between. This demonstrates why it’s shortsighted to only think of marketing in terms of one-to-one ROI. When you acquire a customer who might eventually buy multiple pieces over years, you can afford to invest more in acquiring them upfront, knowing the lifetime value will far exceed the initial acquisition cost. This is why follow-up marketing that keeps you top of mind throughout a customer’s lifetime is so critical.

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Asked by synthesized from teaching · Answered by Patrick Shanahan · art-marketing-podcast · 2019-05-15